Goldman Sachs ETF Trust

Goldman Sachs Funds



Semi-Annual Report				February 28, 2023

				Goldman Sachs Future Thematic Equity ETFs
				Goldman Sachs Future Consumer Equity ETF (GBUY)
				Goldman Sachs Future Health Care Equity ETF (GDOC)
				Goldman Sachs Future Planet Equity ETF (GSFP)
				Goldman Sachs Future Real Estate and Infrastructure Equity ETF (GREI)
				Goldman Sachs Future Tech Leaders Equity ETF (GTEK)

LOGO

Goldman Sachs Future Thematic Equity ETFs

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GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

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GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

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GOLDMAN SACHS FUTURE PLANET EQUITY ETF

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GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

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GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF


TABLE OF CONTENTS

Market and Economic Review			1

Fund Basics			6

Schedules of Investments			17

Financial Statements			23

Financial Highlights			30

Goldman Sachs Future Consumer Equity ETF			30

Goldman Sachs Future Health Care Equity ETF			31

Goldman Sachs Future Planet Equity ETF			32

Goldman Sachs Future Real Estate and Infrastructure Equity ETF			33

Goldman Sachs Future Tech Leaders Equity ETF			34

Notes to Financial Statements			35

Other Information			47



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Future Thematic Equity ETFs

The following are highlights both of key factors affecting the U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs Future Thematic Equity ETFs (the “Funds”) during the six months ended February 28, 2023 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A fuller review of the markets and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2023.

Market and Economic Review

U.S. Equities

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Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 1.26%. The Russell 3000^® Index generated a return of 1.51%.

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The market posted muted returns during the Reporting Period amid a backdrop of ongoing Federal Reserve (“Fed”) interest rate hikes to combat inflation, persistent recession worries, supply-chain disruptions, geopolitical tensions given the Russia/Ukraine war, and elevated concerns around China’s zero-COVID policy.

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As the Reporting Period began in September 2022, the S&P 500 Index decreased primarily based on the noticeable tightening of financial conditions guided by expectations for a more aggressive global interest rate hiking cycle. Indeed, the Fed increased its “raise and hold” messaging as the end of September approached, a policy that received support on the back of higher than consensus expected August core inflation data and a still-tight labor market that showed only moderate signs of cooling off.

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During the fourth quarter of 2022, the S&P 500 Index solidly increased, breaking its streak of three consecutive quarterly losses, attributable primarily to gains in October and November.

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Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

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There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. (A basis point is 1/100th of a percentage point.)

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Positive inflation developments further supported market aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most.

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Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market.

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Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector.

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On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there.

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The S&P 500 Index rose in January 2023, rebounding from December 2022’s losses, gaining on a combination of heightened optimism around disinflationary signals, a cooling job market, positive reports about China’s economic reopening, better than consensus forecasted economic circumstances in Europe, improvements in supply-chain conditions and elevated hopes for the termination of the Fed’s tightening cycle. Collectively, these themes provided a strong case for the Fed’s soft landing scenario and the avoidance of a deep recession resulting from interest rate hikes. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

MARKET REVIEW

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However, the S&P 500 Index then fell again in February 2023, giving back a portion of the prior month’s gains.

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U.S. equities depreciated as the market’s modified Fed interest rate hike expectations and resilient economic data prompted a reduction in the progress of disinflation and heightened traction around several bearish themes. (Bearish refers to an expected downward movement in the prices of securities.)

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Early in February, the Fed raised the targeted federal funds rate by another 25 basis points as expected, and its accompanying statement seemed dovish. Still, Fed Chair Powell’s subsequent statement that further rate hikes will be necessary if economic data continues to come in stronger than expected shifted the Fed narrative more hawkish.

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During the Reporting Period overall, value stocks meaningfully outperformed growth stocks within the large-cap and small-cap segments of the U.S. equity market, though growth stocks outpaced value stocks within the mid-cap segment.

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The best performing sectors within the S&P 500 Index during the Reporting Period were materials, industrials, energy and financials, while the weakest performing sectors were utilities, consumer discretionary, real estate and communication services.

International Equities

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Representing the developed international equity markets, the MSCI EAFE Index (net) returned 12.58% for the Reporting Period, significantly outperforming the U.S. equity market.

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As the Reporting Period began in September 2022, international equity markets declined, weighed down by heightened inflationary pressures, aggressive global interest rate hikes, recession concerns and the rampant spread of COVID-19.

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Europe additionally battled an energy crisis and subsequent mobile network blackouts, which, in turn, put upward pressure on power costs and inflation and supported the need to keep interest rates high. The European Central Bank raised interest rates during the month, increasing concerns around slowing economic growth and leading to the depreciation of the euro against the U.S. dollar.

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International equities then rallied across the major regions in the fourth quarter of 2022 overall. Markets remained volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes. However, investors began to focus on improving inflationary indicators across the globe, and increased confidence the U.S. Fed could pull off a soft economic landing allowed both U.S. and international equities to rally.

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In Europe, equities benefited from resilient third quarter 2022 corporate earnings reports as well as from optimism that the pace of interest rate increases could soon slow. Economic activity showed signs of a rebound in December following the inflation peak in October. Thus, although Europe remained in a recession, optimism that the recession would not be as deep as initially feared grew during the last weeks of the calendar year.

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In Japan, the yen continued to weaken against the U.S. dollar, especially in the first half of October. Bank of Japan Governor Kuroda remained downbeat on the sustainability of inflation numbers into 2023, citing the negative output gap in particular, and kept its interest rates low.

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Asia ex-Japan equities were flat in October, pressured by sharp sell-offs in China and Hong Kong following confirmation that Chinese Premier Xi Jinping would remain as leader for a historic third five-year term. But increasing indications that China was prepared to stray from some of its more restrictive COVID-19 procedures resulted in stronger Asia ex-Japan equities in November, even as fears of an economic slowdown within China persisted. Indeed, in December, China began to relax its zero-COVID policies in an ongoing effort to boost its economy through increased domestic spending and international travel. Investors responded positively to this news despite the near-term surge in COVID-19 cases in China caused by the re-opening.

MARKET REVIEW

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The MSCI EAFE Index posted solid positive returns in January 2023, with international equity markets performing well on the back of expectations around peaking inflation in the U.S. and Europe, slowing central bank interest rate hikes, and receding concerns about recession.

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China finally lifted its stringent zero-COVID policy, increasing global hopes around the resolution of supply-chain disruptions and economic recovery driven by stronger domestic consumption and improved international tourism.

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In contrast to the U.S. and Europe, Japan’s inflation rate rose in January. However, the Bank of Japan reiterated its commitment to keep its monetary policy accommodative.

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The MSCI EAFE Index then fell in February 2023, with market sentiment governed by dampening expectations around potential peaking of interest rate hikes and ongoing geopolitical tensions between Russia and Ukraine, as the war there marked a one-year milestone. Also weighing on investor sentiment was a re-escalation in U.S./China tensions. Inflation levels were relatively stable across Europe, but Japan saw its highest level of inflation in the last 40 years.

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All sectors in the MSCI EAFE Index posted positive total returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were financials, materials, consumer discretionary and industrials, each posting a double-digit positive total return. The weakest performing sectors were real estate, communication services, consumer staples and health care.

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The best performing countries within the MSCI EAFE Index were Austria, Italy, Spain and Germany. The weakest performing countries during the Reporting Period were Israel and Norway, the only two MSCI EAFE Index constituents to post a negative absolute total return during the Reporting Period. Portugal and Hong Kong each generated a modestly positive total return but still significantly lagged the MSCI EAFE Index during the Reporting Period.

Emerging Markets Equities

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Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -2.29% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall.

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As the Reporting Period began in September 2022, emerging markets equities as a whole posted double-digit negative returns, as central bank interest rate hikes and recession concerns triggered large outflows.

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Inflation remained top of mind for investors, as central banks in Europe, Asia and South America announced plans to raise interest rates during the following 12 months in an effort to get ahead of rising consumer prices.

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The Chinese equity market fell especially significantly. An overleveraged housing market and falling home prices, coupled with the yuan falling to its lowest levels since January 2008, triggered monetary outflows from the Chinese economy. Most impactfully, China’s zero-COVID policy weakened domestic levels of supply and demand, contributing to falling export levels.

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Elsewhere in Asia, India’s equity market fell but outperformed the MSCI Emerging Markets Index, while South Korea’s equity market underperformed the MSCI Emerging Markets Index amid the lack of global demand, especially from China, for Korean goods, which caused high levels of volatility in the Korean exports market.

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In Latin America, the Brazilian equity market fell but outpaced the MSCI Emerging Markets Index, as Brazil’s central bank paused its cycle of interest rate hikes, becoming the first notable economy in the world to do so.

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Emerging markets equities then rallied in the fourth quarter of 2022 overall, attributable primarily to a strong November 2022.

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In October 2022, emerging markets equities as a whole fell, as economies struggled to deal with high inflation, major transitions of political power, and contractionary central bank policy. The MSCI China Index was particularly weak, as lockdowns continued to place several cities under COVID-19 restrictions and the closely watched China’s 20th Party Congress offered no signal to investors this strategy would change in the near future. South Korea’s and Brazil’s equity markets rose, driven by stronger exports.

MARKET REVIEW

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November 2022 was a strong month for emerging markets equities, as softer U.S. inflation and expectations of a recovery in Chinese demand brightened the outlook for the emerging markets universe. The slowing frequency of interest rate hikes from central banks and strong consumer activity across a number of emerging markets also strengthened returns for several country constituents of the MSCI Emerging Markets Index. The MSCI China Index rallied strongly. The MSCI India Index was also strong, but the MSCI Brazil Index fell as political friction in the country’s new presidential administration hampered the speed of financial reforms, creating uncertainty amongst investors.

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The MSCI Emerging Markets Index fell modestly in December 2022, as inflation concerns dominated. Still, the MSCI China Index rose, as China loosened its COVID-19 restrictions.

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The MSCI Emerging Markets Index rose in January 2023, as softer U.S. inflation and positive news around China’s full reopening post COVID-19 brightened the outlook for the emerging markets. The slowing frequency of interest rate hikes from central banks and strong consumer activity across several emerging markets also contributed positively to strengthened returns for several countries in the MSCI Emerging Markets Index, including China and Brazil. India’s equity market fell, as Indian officials hinted at an upcoming economic slowdown and as a U.S.-based short-selling firm published a report on a conglomerate that sparked a broad-based sell-off.

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The MSCI Emerging Markets then fell in February 2023, reversing much of the gains from the prior month’s rally. A re-escalation in geopolitical tensions and stronger than consensus expected U.S. economic data challenged the path of the U.S. Fed’s interest rate policy, dampening hopes to a quick end to the interest rate hiking cycle. Following this, the U.S. dollar also strengthened, an additional headwind for emerging markets equities.

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The best performing sectors within the MSCI Emerging Markets Index were materials, information technology, communication services and consumer staples, the only sectors in the MSCI Emerging Markets Index to post a positive total return during the Reporting Period. The weakest performing sectors were utilities, energy, consumer discretionary and health care.

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The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Turkey, Greece, Mexico and Poland. The weakest performing countries were Qatar, Saudi Arabia, India and United Arab Emirates, each led down by weakness in the energy sector.

Fund Changes and Highlights

Goldman Sachs Future Consumer Equity ETF

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The Fund underperformed its benchmark, the MSCI All Country World Index Growth Index, during the Reporting Period.

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From a theme perspective, e-commerce and sustainable living detracted from the Fund’s performance, while luxury and financial technology contributed positively.

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In terms of sectors, the Fund was hurt by its overweight positions versus the benchmark in communication services and utilities. On the positive side, the Fund benefited from stock selection in the consumer discretionary and information technology sectors.

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From a country perspective, stock selection in the U.S., along with an overweight and stock selection in China, detracted from the Fund’s relative returns. Exposure to Italy and France bolstered relative performance.

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Among individual stocks, the Fund was hampered by its overweight positions versus the benchmark in U.S.-based e-commerce retailing behemoth Amazon.com and U.S.-based wireless communications and broadcast towers real estate investment trust American Tower. These results were offset somewhat by overweight positions in French luxury goods company LVMH Moet Hennessy Louis Vuitton and Italian apparel manufacturer Moncler, each of which contributed positively to the Fund’s performance.

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Effective January 3, 2023, Laura Destribats no longer served as a portfolio manager for the Fund. As of February 2, 2023, Jennifer Sullivan became a portfolio manager for the Fund, joining Alexis Deladerrière, Raj Garigipati and Nathan Lin. Mr. Deladerrière, Mr. Garigipati and Mr. Lin have been portfolio managers for the Fund since 2021.

MARKET REVIEW

Goldman Sachs Future Health Care Equity ETF

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Effective January 18, 2023, Anant Padmanabhan no longer served as a portfolio manager for the Fund. Jenny Chang and Raj Garigipati continued to serve as portfolio managers for the Fund. Ms. Chang and Mr. Garigipati have been portfolio managers for the Fund since 2021.

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

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The Fund posted negative absolute returns but outperformed its benchmark, which is comprised 50% of FTSE Global Core Infrastructure 50/50 Index and 50% of FTSE EPRA Nareit Developed Index, during the Reporting Period.

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From a theme perspective, environmental responsibility and new age consumer added significantly to the Fund’s returns, while other themes detracted modestly.

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In terms of sectors, the Fund benefited from stock selection in utilities and industrials. Stock selection in real estate hindered relative performance.

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Regarding countries, the Fund’s exposure to France contributed most positively. Its exposure to the U.S. and Italy was also advantageous. On the other hand, exposure to Australia detracted slightly from the Fund’s relative performance.

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Among individual stocks, the Fund’s out-of-benchmark investments in infrastructure and construction firm VINCI and environmental management services provider Veolia Environnement, both France-based companies, added to relative performance. The Fund was hurt by its overweight positions in American Tower and SBA Communications, both of which operate wireless communications infrastructure in the U.S.

Goldman Sachs Future Tech Leaders Equity ETF

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The Fund underperformed its benchmark, the MSCI All Country World Index (Net, USD, Unhedged), during the Reporting Period.

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On the sector level, the Fund was hampered by its overweight positions versus the benchmark in the information technology services, interactive media and services, and entertainment industries. Adding to relative performance was stock selection within the Internet and direct marketing retail industry and an overweight allocation to the semiconductors and semiconductor equipment industry.

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From a country perspective, the Fund’s exposure to the U.S. detracted from relative returns, offset somewhat by exposure to Taiwan and Germany, which added value.

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Among individual stocks, the Fund’s overweight position in U.S.-based Bill.com Holdings, which provides cloud-based software solutions to small and mid-sized businesses, and its out-of-benchmark exposure to Atlassian, an Australian software company, hurt relative performance. The Fund benefited from its overweight position in German semiconductor manufacturer Infineon Technologies and its avoidance of China-based information security provider Venustech Group.

FUND BASICS

Goldman Sachs Future Consumer Equity ETF

as of February 28, 2023


FUND SNAPSHOT

February 28, 2023

Market Price¹	$	25.06
Net Asset Value (NAV)¹	$	25.06

The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.


PERFORMANCE REVIEW

September 01, 2022–February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			MSCI ACWI Growth Index³
Shares		-1.46	%		-0.95	%		0.65	%

Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

The MSCI ACWI Growth Index captures large and mid cap securities exhibiting overall growth style characteristics across 23 Developed Markets (DM) countries and 27 Emerging Markets (EM) countries. The growth investment style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁴

Holding	% of Net Assets			Line of Business	Country

Amazon.com, Inc.		5.7	%	Consumer Discretionary	United States
Mastercard, Inc., Class A		5.3		Information Technology	United States
LVMH Moet Hennessy Louis Vuitton SE		4.8		Consumer Discretionary	France
NVIDIA Corp.		4.5		Information Technology	United States
Alphabet, Inc., Class C		4.5		Communication Services	United States
Taiwan Semiconductor Manufacturing Co. Ltd.		4.0		Information Technology	Taiwan
Moncler SpA		3.7		Consumer Discretionary	Italy
NextEra Energy, Inc.		3.7		Utilities	United States
NIKE, Inc., Class B		3.5		Consumer Discretionary	United States
American Tower Corp. REIT		3.5		Real Estate	United States

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The top 10 holdings may not be representative of the Fund’s future investments.


FUND VS BENCHMARK⁵

February 28, 2023

LOGO

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Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.6% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

FUND BASICS

Goldman Sachs Future Health Care Equity ETF

as of February 28, 2023


FUND SNAPSHOT

February 28, 2023

Market Price¹	$	31.19
Net Asset Value (NAV)¹	$	31.13


PERFORMANCE REVIEW

September 01, 2022–February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			MSCI ACWI Health Care Index³
Shares		3.97	%		3.94	%		3.25	%

The MSCI ACWI Health Care Index includes large and mid cap securities across 23 Developed Markets (DM) and 27 Emerging Markets (EM) countries*. All securities in the index are classified in the Health Care as per the Global Industry Classification Standard (GICS^®).

DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁴

Holding	% of Net Assets			Line of Business	Country

AstraZeneca PLC		5.1	%	Health Care	United Kingdom
Eli Lilly & Co.		4.9		Health Care	United States
Boston Scientific Corp.		4.5		Health Care	United States
Gilead Sciences, Inc.		4.3		Health Care	United States
Intuitive Surgical, Inc.		3.9		Health Care	United States
Insulet Corp.		3.6		Health Care	United States
Dexcom, Inc.		3.4		Health Care	United States
CSL Ltd.		3.3		Health Care	United States
Seagen, Inc.		3.3		Health Care	United States
Mettler-Toledo International, Inc.		3.1		Health Care	United States

⁴

The top 10 holdings may not be representative of the Fund’s future investments.


FUND VS BENCHMARK⁵

February 28, 2023

LOGO

⁵

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Figures above may not sum to 100% due to rounding.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

FUND BASICS

Goldman Sachs Future Planet Equity ETF

as of February 28, 2023


FUND SNAPSHOT

February 28, 2023

Market Price¹	$	31.04
Net Asset Value (NAV)¹	$	31.10


PERFORMANCE REVIEW

September 01, 2022–February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			MSCI All Country World Index³
Shares		3.28	%		3.35	%		3.32	%

The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With 2,882 constituents, the index covers approximately 85% of the global investable equity opportunity set as of February 28, 2023. It is not possible to invest directly into an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁴

Holding	% of Net Assets			Line of Business	Country

Iberdrola SA		4.1	%	Utilities	Spain
Schneider Electric SE		3.9		Industrials	United States
Enel SpA		3.6		Utilities	Italy
Ecolab, Inc.		3.6		Materials	United States
Danaher Corp.		3.4		Health Care	United States
Infineon Technologies AG		3.3		Information Technology	Germany
NextEra Energy, Inc.		3.3		Utilities	United States
Neste OYJ		3.3		Energy	Finland
Koninklijke DSM NV		3.0		Materials	Netherlands
Ball Corp.		3.0		Materials	United States

⁴

The top 10 holdings may not be representative of the Fund’s future investments.


FUND VS BENCHMARK⁵

February 28, 2023

LOGO

⁵

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.9% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

FUND BASICS

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

as of February 28, 2023


FUND SNAPSHOT

February 28, 2023

Market Price¹	$	33.05
Net Asset Value (NAV)¹	$	33.02


PERFORMANCE REVIEW

September 01, 2022–February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			Future Real Estate and Infrastructure Composite Index³
Shares		-2.66	%		-2.58	%		-3.85	%

Future Real Estate and Infrastructure Composite Index consist of the FTSE Global Core Infrastructure 50/50 Index and the FTSE EPRA/NAREIT Developed Index. The FTSE Global Core Infrastructure 50/50 Index give participants an industry-defined interpretation of infrastructure and adjust the exposure to certain infrastructure sub-sectors. The constituent weights for these indexes are adjusted as part of the semi-annual review according to three broad industry sectors – 50% Utilities, 30% Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. Company weights within each group are adjusted in proportion to their investable market capitalisation. It is not possible to invest directly in an unmanaged index. The FTSE EPRA/NAREIT Developed Index is designed to track the performance of listed real estate companies and REITS worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). It is not possible to invest directly in an unmanaged index.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁴

Holding	% of Net Assets			Line of Business	Country

Prologis, Inc. REIT		5.9	%	Real Estate	United States
Transurban Group		4.8		Industrials	Australia
National Grid PLC		4.4		Utilities	United Kingdom
NextEra Energy, Inc.		4.0		Utilities	United States
American Tower Corp. REIT		3.6		Real Estate	United States
Vinci SA		3.3		Industrials	France
Equinix, Inc. REIT		3.0		Real Estate	United States
Digital Realty Trust, Inc. REIT		2.9		Real Estate	United States
Alexandria Real Estate Equities, Inc. REIT		2.6		Real Estate	United States
Xcel Energy, Inc.		2.6		Utilities	United States

⁴

The top 10 holdings may not be representative of the Fund’s future investments.


FUND VS BENCHMARK⁵

February 28, 2023

LOGO

⁵

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Figures above may not sum to 100% due to rounding.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

FUND BASICS

Goldman Sachs Future Tech Leaders Equity ETF

as of February 28, 2023


FUND SNAPSHOT

February 28, 2023

Market Price¹	$	23.19
Net Asset Value (NAV)¹	$	23.20


PERFORMANCE REVIEW

September 01, 2022–February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			MSCI All Country World Index³
Shares		-3.79	%		-3.67	%		3.32	%

Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 25 Emerging Markets (EM) countries. With 2,975 constituents, the index covers approximately 85% of the global investable equity opportunity set as of February 28, 2023. It is not possible to invest directly into an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁴

Holding	% of Net Assets			Line of Business	Country

Cadence Design Systems, Inc.		3.4	%	Information Technology	United States
KLA Corp.		3.1		Information Technology	United States
HubSpot, Inc.		3.0		Information Technology	United States
United Microelectronics Corp.		2.9		Information Technology	Taiwan
Marvell Technology, Inc.		2.8		Information Technology	United States
MercadoLibre, Inc.		2.8		Consumer Discretionary	Brazil
Motorola Solutions, Inc.		2.8		Information Technology	United States
Palo Alto Networks, Inc.		2.4		Information Technology	United States
Infineon Technologies AG		2.3		Information Technology	Germany
Kingdee International Software Group Co. Ltd.		2.3		Information Technology	China

⁴

The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS BENCHMARK⁵

February 28, 2023

LOGO

⁵

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

PORTFOLIO RESULTS

Index Definition

S&P 500 Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

Russell 3000 Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. It is not possible to invest directly in an index. It is not possible to invest directly in an unmanaged index.

MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 Developed Markets countries around the world, excluding the US and Canada. With 825 constituents, the index covers approximately 85% of the free float adjusted market capitalization in each country. The Developed Markets countries in the MSCI EAFE Index include Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK.

MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets countries. It is not possible to invest directly in an unmanaged index.

The MSCI Russia Index is designed to measure the performance of the large and mid cap segments of the Russian market. With 25 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Russia

GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 98.6%
Communication Services – 26.5%
	49,782	Alphabet, Inc., Class C*	$	4,495,315
	55,397	Bumble, Inc., Class A*		1,339,500
	32,431	CTS Eventim AG & Co. KGaA (Germany)*		2,139,250
	17,276	Electronic Arts, Inc.		1,916,599
	30,082	Live Nation Entertainment, Inc.*		2,167,709
	18,583	Meta Platforms, Inc., Class A*		3,250,910
	79,465	NetEase, Inc. (China)		1,225,965
	13,506	Sea Ltd. ADR (Singapore)*		843,990
	65,543	Snap, Inc., Class A*		665,261
	57,988	Tencent Holdings Ltd. (China)		2,538,337
	21,500	T-Mobile US, Inc.*		3,056,870
	27,960	Walt Disney Co. (The)*		2,785,096

				26,424,802

Consumer Discretionary – 26.8%
	60,674	Amazon.com, Inc.*		5,717,311
	16,083	Basic-Fit NV (Netherlands)*^(a) (b)		566,943
	10,457	Etsy, Inc.*		1,269,585
	106,910	Farfetch Ltd., Class A (United Kingdom)*		548,448
	5,755	LVMH Moet Hennessy Louis Vuitton SE (France)		4,815,409
	96,438	Meituan, Class B (China)*^(b)		1,672,108
	1,463	MercadoLibre, Inc. (Brazil)*		1,784,860
	59,728	Moncler SpA (Italy)		3,661,143
	29,551	NIKE, Inc., Class B		3,510,363
	6,081	Ulta Beauty, Inc.*		3,154,823

				26,700,993

Consumer Staples – 6.1%
	605,622	Budweiser Brewing Co. APAC Ltd. (China)^(b)		1,813,124
	251,110	Davide Campari-Milano NV (Italy)		2,821,472
	54,740	Proya Cosmetics Co. Ltd., Class A (China)		1,437,066

				6,071,662

Health Care – 2.2%
	17,484	Guardant Health, Inc.*		540,081
	8,411	Illumina, Inc.*		1,675,471

				2,215,552

Industrials – 2.6%
	75,919	Experian PLC (United Kingdom)		2,578,113

Information Technology – 20.4%
	1,023	Adyen NV (Netherlands)*^(b)		1,459,397
	14,195	Apple, Inc.		2,092,485
	486,038	Locaweb Servicos de Internet SA (Brazil)*^(b)		455,250
	14,757	Mastercard, Inc., Class A		5,243,014
	107,521	MediaTek, Inc. (Taiwan)		2,551,328
	19,398	NVIDIA Corp.		4,503,440
	236,560	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		3,967,317

				20,272,231


Common Stocks – (continued)
Materials – 4.3%
	42,698	Ball Corp.		2,400,055
	15,175	Koninklijke DSM NV (Netherlands)		1,878,064

				4,278,119

Real Estate – 3.5%
	17,484	American Tower Corp. REIT		3,462,007

Utilities – 6.2%
	122,961	EDP Renovaveis SA (Spain)		2,531,068
	51,317	NextEra Energy, Inc.		3,645,046

				6,176,114

	TOTAL COMMON STOCKS
	(Cost $115,320,974)		$	98,179,593

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $115,320,974)		$	98,179,593


Shares	Dividend Rate			Value

Securities Lending Reinvestment Vehicle – 0.6%^(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
575,036		4.475	%	$	575,036
(Cost $575,036)

TOTAL INVESTMENTS – 99.2%
(Cost $115,896,010)				$	98,754,629

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%					852,653

NET ASSETS – 100.0%				$	99,607,282



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(c)		Represents an affiliated issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


The accompanying notes are an integral part of these financial statements.		17

GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 99.3%
Denmark – 1.8%
	49,317	Genmab A/S ADR (Health Care)*	$	1,852,347

France – 0.8%
	2,336	Sartorius Stedim Biotech (Health Care)		764,752

Italy – 0.5%
	25,394	Stevanato Group SpA (Health Care)		552,319

Japan – 5.5%
	96,260	Chugai Pharmaceutical Co. Ltd. (Health Care)		2,398,462
	18,335	Hoya Corp. (Health Care)		1,813,108
	68,760	Kyowa Kirin Co. Ltd. (Health Care)		1,471,463

				5,683,033

Netherlands – 1.0%
	2,780	Argenx SE ADR (Health Care)*		1,017,536

Switzerland – 0.9%
	1,558	Lonza Group AG (Health Care)		932,223

United Kingdom – 5.3%
	39,972	AstraZeneca PLC (Health Care)		5,265,061
	94,247	Oxford Nanopore Technologies PLC (Health Care)*		238,469

				5,503,530

United States – 83.5%
	65,231	2seventy bio, Inc. (Health Care)*		879,966
	23,177	Agios Pharmaceuticals, Inc. (Health Care)*		586,610
	14,484	Alexandria Real Estate Equities, Inc. REIT (Real Estate)		2,169,414
	3,941	Align Technology, Inc. (Health Care)*		1,219,740
	46,024	Allogene Therapeutics, Inc. (Health Care)*		292,252
	5,777	Alnylam Pharmaceuticals, Inc. (Health Care)*		1,106,007
	10,517	Axonics, Inc. (Health Care)*		631,967
	12,796	Beam Therapeutics, Inc. (Health Care)*		514,911
	9,855	Biogen, Inc. (Health Care)*		2,659,470
	27,776	BioMarin Pharmaceutical, Inc. (Health Care)*		2,766,212
	99,655	Boston Scientific Corp. (Health Care)*		4,655,882
	38,092	Bristol-Myers Squibb Co. (Health Care)		2,626,824
	20,446	Catalent, Inc. (Health Care)*		1,394,826
	7,884	Cooper Cos., Inc. (The) (Health Care)		2,577,832
	17,052	CSL Ltd. (Health Care)		3,407,160
	6,280	Cytokinetics, Inc. (Health Care)*		272,301
	6,418	Danaher Corp. (Health Care)		1,588,648
	31,404	Dexcom, Inc. (Health Care)*		3,486,158
	39,235	Edwards Lifesciences Corp. (Health Care)*		3,156,063
	16,320	Eli Lilly & Co. (Health Care)		5,079,110
	28,312	Exelixis, Inc. (Health Care)*		483,569
	55,329	Gilead Sciences, Inc. (Health Care)		4,455,644
	54,265	Halozyme Therapeutics, Inc. (Health Care)*		2,604,177


Common Stocks – (continued)
United States – (continued)
	3,118	IDEXX Laboratories, Inc. (Health Care)*		1,475,562
	10,938	Illumina, Inc. (Health Care)*		2,178,850
	9,718	Inari Medical, Inc. (Health Care)*		546,735
	13,430	Insulet Corp. (Health Care)*		3,711,515
	17,556	Intuitive Surgical, Inc. (Health Care)*		4,027,171
	3,575	iRhythm Technologies, Inc. (Health Care)*		420,706
	2,246	Mettler-Toledo International, Inc. (Health Care)*		3,220,113
	29,643	Neurocrine Biosciences, Inc. (Health Care)*		3,056,193
	12,652	Novanta, Inc. (Information Technology)*		1,985,225
	7,838	Sage Therapeutics, Inc. (Health Care)*		326,374
	11,878	Sarepta Therapeutics, Inc. (Health Care)*		1,450,660
	18,915	Seagen, Inc. (Health Care)*		3,398,836
	5,089	Shockwave Medical, Inc. (Health Care)*		968,131
	14,118	Ultragenyx Pharmaceutical, Inc. (Health Care)*		628,110
	16,915	Veeva Systems, Inc., Class A (Health Care)*		2,802,139
	3,219	Waters Corp. (Health Care)*		1,000,755
	5,881	West Pharmaceutical Services, Inc. (Health Care)		1,864,453
	20,458	Zimmer Biomet Holdings, Inc. (Health Care)		2,534,132
	13,478	Zoetis, Inc. (Health Care)		2,250,826

				86,461,229

	TOTAL INVESTMENTS – 99.3%
	(Cost $110,610,673)		$	102,766,969

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%			755,826

	NET ASSETS – 100.0%		$	103,522,795



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust



Sector	% of Market Value
Health Care		96.0	%
Real Estate		2.1
Information Technology		1.9


TOTAL INVESTMENTS		100.0	%


18		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 98.9%
Australia – 0.0%
	688,618	Carbon Revolution Ltd. (Consumer Discretionary)*^(a)	$	51,081

Belgium – 1.3%
	61,599	Umicore SA (Materials)		2,062,334

China – 3.1%
	48,614	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		2,824,517
	2,004,421	Xinyi Solar Holdings Ltd. (Information Technology)		2,139,888

				4,964,405

Denmark – 5.8%
	59,756	Chr Hansen Holding A/S (Materials)		4,154,311
	56,280	Novozymes A/S, Class B (Materials)		2,720,173
	27,842	Orsted AS (Utilities)^(b)		2,440,638

				9,315,122

Finland – 3.2%
	108,645	Neste OYJ (Energy)		5,264,314

France – 1.2%
	44,660	Imerys SA (Materials)		1,992,044

Germany – 3.3%
	149,735	Infineon Technologies AG (Information Technology)		5,321,982

Ireland – 1.1%
	28,276	Kingspan Group PLC (Industrials)		1,846,582

Italy – 3.6%
	1,033,418	Enel SpA (Utilities)		5,827,115

Japan – 10.4%
	27,089	Daikin Industries Ltd. (Industrials)		4,642,607
	56,885	Horiba Ltd. (Information Technology)		3,031,862
	8,129	Keyence Corp. (Information Technology)		3,514,421
	81,257	Kurita Water Industries Ltd. (Industrials)		3,674,655
	37,927	Nidec Corp. (Industrials)		1,920,086

				16,783,631

Netherlands – 5.8%
	91,229	Aalberts NV (Industrials)		4,454,296
	39,550	Koninklijke DSM NV (Materials)		4,894,724
	11,111	Pryme NV (Industrials)*^(b)		9,622

				9,358,642

Norway – 1.1%
	1,084,307	Aker Carbon Capture ASA (Industrials)*		1,643,771
	161,321	Circa Group AS (Materials)*		94,174

				1,737,945

Spain – 4.1%
	573,542	Iberdrola SA (Utilities)		6,608,545


Common Stocks – (continued)
Sweden – 0.4%
	68,360	Re:NewCell AB, Class A (Materials)*^(a)		605,031

Switzerland – 4.8%
	110,355	ABB Ltd. (Industrials)		3,683,013
	14,577	Sika AG (Materials)		4,104,423

				7,787,436

Taiwan – 2.2%
	379,213	Delta Electronics, Inc. (Information Technology)		3,565,681

United Kingdom – 2.4%
	941,946	DS Smith PLC (Materials)		3,846,458

United States – 45.1%
	10,592	Albemarle Corp. (Materials)		2,693,652
	36,965	Aptiv PLC (Consumer Discretionary)*		4,298,290
	84,804	Ball Corp. (Materials)		4,766,833
	105,013	Bloom Energy Corp., Class A (Industrials)*		2,277,732
	21,943	Danaher Corp. (Health Care)		5,431,551
	58,721	Danimer Scientific, Inc. (Materials)*^(a)		151,500
	30,473	Darling Ingredients, Inc. (Consumer Staples)*		1,928,027
	32,143	DocuSign, Inc. (Information Technology)*		1,971,973
	36,163	Ecolab, Inc. (Materials)		5,763,297
	77,014	Energy Recovery, Inc. (Industrials)*		1,699,699
	43,413	Itron, Inc. (Information Technology)*		2,421,143
	74,304	NextEra Energy, Inc. (Utilities)		5,277,813
	118,821	Nuvve Holding Corp. (Industrials)*		123,574
	425,922	Oatly Group AB ADR (Consumer Staples)*^(a)		937,028
	38,808	Schneider Electric SE (Industrials)		6,260,636
	127,774	Shoals Technologies Group, Inc., Class A (Industrials)*		3,135,574
	16,912	Smart Wires Technology Ltd. SDR (Industrials)*		95
	11,215	SolarEdge Technologies, Inc. (Information Technology)*		3,565,473
	86,156	Tattooed Chef, Inc. (Consumer Staples)*^(a)		108,557
	21,556	Trane Technologies PLC (Industrials)		3,987,213
	22,161	Waste Connections, Inc. (Industrials)		2,967,801
	18,904	Waste Management, Inc. (Industrials)		2,831,063
	126,875	Westrock Co. (Materials)		3,983,875
	27,437	Wolfspeed, Inc. (Information Technology)*		2,029,789
	42,794	Xylem, Inc. (Industrials)		4,392,804

				73,004,992

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $192,719,571)		$	159,943,340


The accompanying notes are an integral part of these financial statements.		19

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares	Dividend Rate			Value

Securities Lending Reinvestment Vehicle – 0.9%^(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,450,409		4.475	%	$	1,450,409
(Cost $1,450,409)

TOTAL INVESTMENTS – 99.8%
(Cost $194,169,980)				$	161,393,749

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%					345,172

NET ASSETS – 100.0%				$	161,738,921



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(c)		Represents an affiliated issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company
SDR		—Swedish Depositary Receipt



Sector Name	% of Market Value
Industrials		32.4	%
Materials		25.9
Information Technology		17.1
Utilities		12.5
Health Care		3.4
Energy		3.3
Consumer Discretionary		2.7
Consumer Staples		1.8
Securities Lending Reinvestment Vehicle		0.9


TOTAL INVESTMENTS		100.0	%


20		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 97.3%
Communication Services – 2.4%
	15,306	Cellnex Telecom SA (Spain)*^(a)	$	577,211

Energy – 1.7%
	2,579	Cheniere Energy, Inc.		405,780

Health Care – 1.3%
	46,140	Chartwell Retirement Residences (Canada)		312,130

Industrials – 14.1%
	142,577	Airports of Thailand PCL NVDR (Thailand)*		293,495
	81,794	Enav SpA (Italy)^(a)		362,410
	14,696	Ferrovial SA (Spain)		409,265
	1,632	Norfolk Southern Corp.		366,906
	120,673	Transurban Group (Australia)		1,153,910
	6,877	Vinci SA (France)		786,484

				3,372,470

Materials – 2.7%
	933	Linde PLC (United Kingdom)		325,029
	862	Martin Marietta Materials, Inc.		310,208

				635,237

Real Estate – 50.3%
	4,215	Alexandria Real Estate Equities, Inc. REIT		631,323
	10,906	American Homes 4 Rent, Class A REIT		338,304
	4,303	American Tower Corp. REIT		852,037
	2,845	AvalonBay Communities, Inc. REIT		490,819
	27,121	Big Yellow Group PLC REIT (United Kingdom)		398,605
	25,847	CTP NV (Netherlands)^(a)		357,436
	6,607	Digital Realty Trust, Inc. REIT		688,648
	1,052	Equinix, Inc. REIT		724,060
	8,223	Equity LifeStyle Properties, Inc. REIT		563,358
	6,252	Equity Residential REIT		390,875
	2,658	Extra Space Storage, Inc. REIT		437,640
	18,140	Goodman Group REIT (Australia)		242,942
	45	Hoshino Resorts REIT, Inc. REIT (Japan)		249,422
	59,286	Ingenia Communities Group REIT (Australia)		158,319
	17,246	Invitation Homes, Inc. REIT		539,110
	185	Nippon Prologis REIT, Inc. REIT (Japan)		394,677
	11,399	Prologis, Inc. REIT		1,406,637
	839	Public Storage REIT		250,819
	1,644	SBA Communications Corp. REIT		426,371
	39,530	Segro PLC REIT (United Kingdom)		394,054
	5,875	Terreno Realty Corp. REIT		365,484
	32,305	UNITE Group PLC (The) REIT (United Kingdom)		384,452
	7,502	Ventas, Inc. REIT		364,972
	18,794	Vonovia SE (Germany)		475,355
	6,872	Welltower, Inc. REIT		509,353

				12,035,072


Common Stocks – (continued)
Utilities – 24.8%
	9,330	AES Corp. (The)		230,265
	2,881	American Water Works Co., Inc.		404,435
	9,077	CMS Energy Corp.		535,271
	40,598	Enel SpA (Italy)		228,919
	21,488	Engie SA (France)		315,295
	5,900	Eversource Energy		444,624
	83,438	National Grid PLC (United Kingdom)		1,058,629
	13,476	NextEra Energy, Inc.		957,200
	2,460	Orsted AS (Denmark)^(a)		215,644
	15,296	Veolia Environnement SA (France)		459,228
	5,384	WEC Energy Group, Inc.		477,346
	9,620	Xcel Energy, Inc.		621,163

				5,948,019

	TOTAL INVESTMENTS – 97.3%
	(Cost $25,877,838)		$	23,285,919

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.7%			650,804

	NET ASSETS – 100.0%		$	23,936,723



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.



Investment Abbreviations:
NVDR		—Non-Voting Depository Receipt
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


The accompanying notes are an integral part of these financial statements.		21

GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 98.6%
Communication Services – 11.3%
	114,706	Cellnex Telecom SA (Spain)*^(a)	$	4,325,723
	30,506	Electronic Arts, Inc.		3,384,336
	352,656	Kuaishou Technology (China)*^(a)		2,358,678
	40,880	Match Group, Inc.*		1,693,250
	14,572	NAVER Corp. (South Korea)		2,296,060
	295,013	NetEase, Inc. (China)		4,551,382
	39,608	Sea Ltd. ADR (Singapore)*		2,475,104
	342,926	Snap, Inc., Class A*		3,480,699
	50,176	Trade Desk, Inc. (The), Class A*		2,807,849
	71,449	Yandex NV, Class A (Russia)*^(b)		—

				27,373,081

Consumer Discretionary – 4.0%
	23,183	Etsy, Inc.*		2,814,648
	5,535	MercadoLibre, Inc. (Brazil)*		6,752,700

				9,567,348

Health Care – 1.9%
	46,428	Hoya Corp. (Japan)		4,591,162

Industrials – 1.4%
	69,248	Nidec Corp. (Japan)		3,505,739

Information Technology – 78.2%
	3,264	Adyen NV (Netherlands)*^(a)		4,656,374
	149,409	AppLovin Corp., Class A*		2,017,022
	7,521	ASM International NV (Netherlands)		2,576,256
	20,264	Aspen Technology, Inc.*		4,296,171
	20,879	Atlassian Corp., Class A*		3,431,046
	26,046	BILL Holdings, Inc.*		2,204,273
	42,062	Cadence Design Systems, Inc.*		8,115,442
	12,763	CDW Corp.		2,583,486
	56,292	Datadog, Inc., Class A*		4,307,464
	486,686	Delta Electronics, Inc. (Taiwan)		4,576,233
	119,041	Dynatrace, Inc.*		5,062,814
	53,551	Entegris, Inc.		4,564,152
	50,860	Fidelity National Information Services, Inc.		3,222,998
	79,748	Hamamatsu Photonics KK (Japan)		3,910,852
	18,788	HubSpot, Inc.*		7,268,326
	157,868	Infineon Technologies AG (Germany)		5,611,051
	30,043	Jack Henry & Associates, Inc.		4,934,262
	14,496	Keysight Technologies, Inc.*		2,318,780
	2,991,697	Kingdee International Software Group Co. Ltd. (China)*		5,572,152
	19,537	KLA Corp.		7,411,947
	429,734	Luxshare Precision Industry Co. Ltd., Class A (China)		1,850,804
	150,150	Marvell Technology, Inc.		6,779,273
	209,653	MediaTek, Inc. (Taiwan)		4,974,782
	50,752	Micron Technology, Inc.		2,934,481
	38,012	MKS Instruments, Inc.		3,684,503
	25,334	Motorola Solutions, Inc.		6,658,029
	33,108	ON Semiconductor Corp.*		2,562,890
	30,313	Palo Alto Networks, Inc.*		5,710,060
	57,899	Procore Technologies, Inc.*		3,878,654
	162,036	Qualtrics International, Inc., Class A*		2,741,649
	57,050	RingCentral, Inc., Class A*		1,884,932


Common Stocks – (continued)
Information Technology – (continued)
	218,922	Sangfor Technologies, Inc., Class A (China)		4,497,668
	9,792	ServiceNow, Inc.*		4,231,809
	284,868	Silergy Corp. (China)		5,441,283
	22,143	Snowflake, Inc., Class A*		3,418,436
	8,993	Tokyo Electron Ltd. (Japan)		3,083,824
	194,055	UiPath, Inc., Class A*		2,879,776
	531,610	Unimicron Technology Corp. (Taiwan)		2,233,252
	4,204,232	United Microelectronics Corp. (Taiwan)*		6,892,184
	1,100,669	Vanguard International Semiconductor Corp. (Taiwan)		3,341,436
	1,252,200	Venustech Group, Inc., Class A (China)		5,340,813
	397,047	Viavi Solutions, Inc.*		4,343,694
	21,662	Wolfspeed, Inc.*		1,602,555
	26,339	Workday, Inc., Class A*		4,885,094
	31,935	Zscaler, Inc.*		4,188,275

				188,681,257

Real Estate – 1.8%
	16,324	SBA Communications Corp. REIT		4,233,629

	TOTAL INVESTMENTS – 98.6%
	(Cost $307,346,177)		$	237,952,216

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%			3,322,779

	NET ASSETS – 100.0%		$	241,274,995



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.



Investment Abbreviations:
ADR		—American Depositary Receipt
REIT		—Real Estate Investment Trust


22		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUTURE ETFS

Statements of Assets and Liabilities

February 28, 2023 (Unaudited)


	Future Consumer Equity ETF			Future Health Care Equity ETF			Future Planet Equity ETF			Future Real Estate and Infrastructure Equity ETF
Assets:

Investments at value (cost $115,320,974, $110,610,673, $192,719,571 and $25,877,838, respectively)^(a)	$	98,179,593		$	102,766,969		$	159,943,340		$	23,285,919

Investments in securities lending reinvestment vehicle, at value which equals cost		575,036			—			1,450,409			—

Cash		1,067,855			575,108			1,663,539			361,709

Foreign currency, at value (cost $368,715, $100,652, $609 and $280,088, respectively)		375,063			104,300			657			278,997

Receivables:

Dividends		35,813			135,932			137,624			20,127

Foreign tax reclaims		7,873			1,743			85,764			4,253

Securities lending income		657			—			4,494			—

Investments sold		—			—			907			—

Total assets		100,241,890			103,584,052			163,286,734			23,951,005

Liabilities:

Payables:

Upon return of securities loaned		575,036			—			1,450,409			—

Management fees		59,572			61,257			96,762			14,282

Foreign bank overdraft (cost $0, $0, $639 and $0, respectively)		—			—			642			—

Total liabilities		634,608			61,257			1,547,813			14,282

Net Assets:

Paid-in capital		122,103,095			117,394,743			199,114,636			27,902,274

Total distributable loss		(22,495,813	)		(13,871,948	)		(37,375,715	)		(3,965,551	)

NET ASSETS	$	99,607,282		$	103,522,795		$	161,738,921		$	23,936,723
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		3,975,000			3,325,000			5,200,000			725,000

Net asset value per share:		$25.06			$31.13			$31.10			$33.02

(a)

Includes loaned securities having a market value of $542,866, $–, $1,369,696 and $– for Future Consumer Equity ETF, Future Health Care Equity ETF, Future Planet Equity ETF and Future Real Estate and Infrastructure Equity ETF, respectively.


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS FUTURE ETFS

Statements of Assets and Liabilities (continued)

February 28, 2023 (Unaudited)


	Future Tech Leaders Equity ETF
Assets:

Investments at value (cost $307,346,177)	$	237,952,216

Cash		3,392,675

Receivables:

Dividends		47,087

Foreign tax reclaims		27,478

Total assets		241,419,456

Liabilities:

Payables:

Management fees		144,259

Foreign bank overdraft (cost $207)		202

Total liabilities		144,461

Net Assets:

Paid-in capital		382,783,572

Total distributable loss		(141,508,577	)

NET ASSETS	$	241,274,995
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		10,400,000

Net asset value per share:		$23.20


24		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUTURE ETFS

Statements of Operations

For the Six Months Ended February 28, 2023 (Unaudited)


	Future Consumer Equity ETF			Future Health Care Equity ETF			Future Planet Equity ETF			Future Real Estate and Infrastructure Equity ETF
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $12,993, $6,094, $119,560 and $12,613, respectively)	$	225,637		$	336,690		$	1,074,417		$	246,892

Non cash dividend income		97,550			—			—			—

Securities lending income — unaffiliated issuer		3,800			36			38,279			220

Total investment income		326,987			336,726			1,112,696			247,112

Expenses:

Management fees		321,156			381,195			604,603			78,493

Trustee fees		7,513			7,882			9,152			6,252

Total expenses		328,669			389,077			613,755			84,745

NET INVESTMENT INCOME (LOSS)		(1,682	)		(52,351	)		498,941			162,367

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(1,904,982	)		(3,978,400	)		(3,582,470	)		(849,708	)

In-kind redemptions		—			1,237,202			1,106,880			3,714

Foreign currency transactions		(5,396	)		(4,421	)		3,649			2,691

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		1,276,247			6,838,759			7,099,829			48,317

Foreign currency translations		8,762			3,339			2,617			2,407

Net realized and unrealized gain (loss)		(625,369	)		4,096,479			4,630,505			(792,579	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(627,051	)	$	4,044,128		$	5,129,446		$	(630,212	)


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS FUTURE ETFS

Statements of Operations (continued)

For the Six Months Ended February 28, 2023 (Unaudited)


	Future Tech Leaders Equity ETF
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $24,670)	$	441,789

Securities lending income — unaffiliated issuer		366

Total investment income		442,155

Expenses:

Management fees		828,563

Trustee fees		10,367

Total expenses		838,930

NET INVESTMENT LOSS		(396,775	)

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(37,339,116	)

In-kind redemptions		520,385

Foreign currency transactions		(15,949	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		29,650,778

Foreign currency translations		756

Net realized and unrealized loss		(7,183,146	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,579,921	)


26		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUTURE ETFS

Statements of Changes in Net Assets


	Future Consumer Equity ETF						Future Health Care Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period November 9, 2021* to August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Period November 9, 2021* to August 31, 2022
From operations:
Net investment income (loss)	$	(1,682	)	$	198,811		$	(52,351	)	$	(162,050	)
Net realized loss		(1,910,378	)		(4,106,857	)		(2,745,619	)		(2,416,068	)
Net change in unrealized gain (loss)		1,285,009			(18,419,972	)		6,842,098			(14,682,986	)
Net increase (decrease) in net assets resulting from operations		(627,051	)		(22,328,018	)		4,044,128			(17,261,104	)

Distributions to shareholders:
From distributable earnings		—			(202,678	)		(102	)		—
From return of capital		—			(74,347	)		—			—
Total distributions to shareholders		—			(277,025	)		(102	)		—

From share transactions:
Proceeds from sales of shares		11,233,800			120,508,199			7,942,928			129,642,436
Cost of shares redeemed		—			(8,902,623	)		(10,245,168	)		(10,600,323	)
Net increase (decrease) in net assets resulting from share transactions		11,233,800			111,605,576			(2,302,240	)		119,042,113
TOTAL INCREASE		10,606,749			89,000,533			1,741,786			101,781,009

Net assets:
Beginning of period	$	89,000,533		$	—		$	101,781,009		$	—

End of period	$	99,607,282		$	89,000,533		$	103,522,795		$	101,781,009

Commencement of operations.


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS FUTURE ETFS

Statements of Changes in Net Assets (continued)


	Future Planet Equity ETF						Future Real Estate and Infrastructure Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Period November 9, 2021* to August 31, 2022
From operations:
Net investment income	$	498,941		$	1,061,992		$	162,367		$	276,661
Net realized loss		(2,471,941	)		(2,878,218	)		(843,303	)		(547,285	)
Net change in unrealized gain (loss)		7,102,446			(42,812,576	)		50,724			(2,643,761	)
Net increase (decrease) in net assets resulting from operations		5,129,446			(44,628,802	)		(630,212	)		(2,914,385	)

Distributions to shareholders:

From distributable earnings		(617,909	)		(755,496	)		(209,691	)		(211,263	)

From share transactions:
Proceeds from sales of shares		6,046,721			191,443,464			1,628,238			27,100,977
Cost of shares redeemed		(22,643,478	)		(32,339,953	)		(826,941	)		—
Net increase (decrease) in net assets resulting from share transactions		(16,596,757	)		159,103,511			801,297			27,100,977
TOTAL INCREASE (DECREASE)		(12,085,220	)		113,719,213			(38,606	)		23,975,329

Net assets:
Beginning of period	$	173,824,141		$	60,104,928		$	23,975,329		$	—

End of period	$	161,738,921		$	173,824,141		$	23,936,723		$	23,975,329

Commencement of operations.


28		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUTURE ETFS

Statements of Changes in Net Assets (continued)


	Future Tech Leaders Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period September 14, 2021* to August 31, 2022
From operations:

Net investment income (loss)	$	(396,775	)	$	74,214

Net realized loss		(36,834,680	)		(38,383,334	)

Net change in unrealized gain (loss)		29,651,534			(99,046,678	)

Net decrease in net assets resulting from operations		(7,579,921	)		(137,355,798	)

Distributions to shareholders:

From distributable earnings		(48,204	)		(9,965	)

From share transactions:

Proceeds from sales of shares		14,092,872			422,677,334

Cost of shares redeemed		(7,597,184	)		(42,904,139	)

Net increase in net assets resulting from share transactions		6,495,688			379,773,195

TOTAL INCREASE (DECREASE)		(1,132,437	)		242,407,432

Net assets:
Beginning of period	$	242,407,432		$	—

End of period	$	241,274,995		$	242,407,432

Commencement of operations.


The accompanying notes are an integral part of these financial statements.		29

GOLDMAN SACHS FUTURE ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Future Consumer Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period November 9, 2021* to August 31, 2022
Per Share Operating Performance:

Net asset value, beginning of period	$	25.43		$	40.03

Net investment income^(a)		0.00	^(b)		0.10

Net realized and unrealized loss		(0.37	)		(14.62	)

Total loss from investment operations		(0.37	)		(14.52	)

Distributions to shareholders from net investment income		—			(0.06	)

Distributions to shareholders from return of capital		—			(0.02	)

Total distributions to shareholders		—			(0.08	)

Net asset value, end of period	$	25.06		$	25.43

Market price, end of period	$	25.06		$	25.30

Total Return at Net Asset Value^(c)		(1.46	)%		(36.28	)%

Net assets, end of period (in 000’s)	$	99,607		$	89,001

Ratio of total expenses to average net assets		0.75	%^(d)		0.75	%^(d)

Ratio of net investment income to average net assets		—	%^(d)		0.46	%^(d)

Portfolio turnover rate^(e)		7	%		24	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.

(d)

Annualized.

(e)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.


30		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUTURE ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Future Health Care Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period November 9, 2021* to August 31, 2022
Per Share Operating Performance:

Net asset value, beginning of period	$	29.94		$	39.68

Net investment loss^(a)		(0.02	)		(0.08	)

Net realized and unrealized gain (loss)		1.21			(9.66	)

Total gain (loss) from investment operations		1.19			(9.74	)

Distributions to shareholders from net investment income		0.00	^(b)		—

Net asset value, end of period	$	31.13		$	29.94

Market price, end of period	$	31.19		$	30.00

Total Return at Net Asset Value^(c)		3.97	%		(24.55	)%

Net assets, end of period (in 000’s)	$	103,523		$	101,781

Ratio of total expenses to average net assets		0.75	%^(d)		0.75	%^(d)

Ratio of net investment loss to average net assets		(0.10	)%^(d)		(0.33	)%^(d)

Portfolio turnover rate^(e)		14	%		24	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		31

GOLDMAN SACHS FUTURE ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Future Planet Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Period July 13, 2021* to August 31, 2021
Per Share Operating Performance:

Net asset value, beginning of period	$	30.23		$	42.18		$	39.89

Net investment income^(a)		0.09			0.27			0.02

Net realized and unrealized gain (loss)		0.89			(12.05	)		2.27

Total gain (loss) from investment operations		0.98			(11.78	)		2.29

Distributions to shareholders from net investment income		(0.11	)		(0.17	)		—

Net asset value, end of period	$	31.10		$	30.23		$	42.18

Market price, end of period	$	31.04		$	30.15		$	42.25

Total Return at Net Asset Value^(b)		3.28	%		(27.97	)%		5.74	%

Net assets, end of period (in 000’s)	$	161,739		$	173,824		$	60,104

Ratio of total expenses to average net assets		0.75	%^(c)		0.75	%		0.75	%^(c)

Ratio of net investment income to average net assets		0.61	%^(c)		0.81	%		0.42	%^(c)

Portfolio turnover rate^(d)		7	%		15	%		2	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


32		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUTURE ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Future Real Estate and Infrastructure Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period November 9, 2021* to August 31, 2022
Per Share Operating Performance:

Net asset value, beginning of period	$	34.25		$	40.05

Net investment income^(a)		0.23			0.56

Net realized and unrealized loss		(1.16	)		(5.95	)

Total loss from investment operations		(0.93	)		(5.39	)

Distributions to shareholders from net investment income		(0.30	)		(0.41	)

Net asset value, end of period	$	33.02		$	34.25

Market price, end of period	$	33.05		$	34.25

Total Return at Net Asset Value^(b)		(2.66	)%		(13.52	)%

Net assets, end of period (in 000’s)	$	23,937		$	23,975

Ratio of total expenses to average net assets		0.75	%^(c)		0.75	%^(c)

Ratio of net investment income to average net assets		1.44	%^(c)		1.85	%^(c)

Portfolio turnover rate^(d)		16	%		40	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		33

GOLDMAN SACHS FUTURE ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Future Tech Leaders Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period September 14, 2021* to August 31, 2022
Per Share Operating Performance:

Net asset value, beginning of period	$	24.12		$	40.22

Net investment income (loss)^(a)		(0.04	)		0.01

Net realized and unrealized loss		(0.88	)		(16.11	)

Total loss from investment operations		(0.92	)		(16.10	)

Distributions to shareholders from net investment income		0.00	^(b)		0.00	^(b)

Net asset value, end of period	$	23.20		$	24.12

Market price, end of period	$	23.19		$	24.08

Total Return at Net Asset Value^(c)		(3.79	)%		(40.03	)%

Net assets, end of period (in 000’s)	$	241,275		$	242,407

Ratio of total expenses to average net assets		0.75	%^(d)		0.75	%^(d)

Ratio of net investment income (loss) to average net assets		(0.35	)%^(d)		0.03	%^(d)

Portfolio turnover rate^(e)		22	%		55	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


34		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements

February 28, 2023 (Unaudited)

1. ORGANIZATION

Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:


Fund		Diversification Classification
Goldman Sachs Future Consumer Equity ETF		Non-Diversified
Goldman Sachs Future Health Care Equity ETF		Non-Diversified
Goldman Sachs Future Planet Equity ETF		Non-Diversified
Goldman Sachs Future Real Estate and Infrastructure Equity ETF		Non-Diversified
Goldman Sachs Future Tech Leaders Equity ETF		Non-Diversified

The investment objective of each Fund (except the Goldman Sachs Future Planet Equity ETF) is to seek long-term growth of capital. The investment objective of the Goldman Sachs Future Planet Equity ETF is to seek long-term capital appreciation.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, Goldman Sachs Future Planet Equity ETF and Goldman Sachs Future Tech Leaders Equity ETF, income distributions, if any, are declared and paid annually. For Goldman Sachs Future Real Estate and Infrastructure Equity ETF income distributions, if any, are declared and paid semi-annually. Capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments

GOLDMAN SACHS FUTURE ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (“Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 28, 2023:


FUTURE CONSUMER EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	16,049,234	$	—	$	—

Europe		22,999,308		—		—

North America		56,890,940		—		—

South America		2,240,111		—		—

Securities Lending Reinvestment Vehicle		575,036		—		—

Total	$	98,754,629	$	—	$	—

FUTURE HEALTH CARE EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	5,683,033	$	—	$	—

Europe		10,622,707		—		—

North America		86,461,229		—		—

Total	$	102,766,969	$	—	$	—

FUTURE PLANET EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	25,313,717	$	—	$	—

Europe		61,573,550		—		—

North America		73,004,897		95		—

Oceania		51,081		—		—

Securities Lending Reinvestment Vehicle		1,450,409		—		—

Total	$	161,393,654	$	95	$	—

FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	644,099	$	293,495	$	—

Europe		6,748,019		—		—

North America		14,045,136		—		—

Oceania		1,555,170		—		—

Total	$	22,992,424	$	293,495	$	—

(a)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

GOLDMAN SACHS FUTURE ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



FUTURE TECH LEADERS EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	71,493,408	$	—	$	—

Europe		17,169,405		—		—

North America		142,536,703		—		—

South America		6,752,700		—		—

Total	$	237,952,216	$	—	$	—

(a)

For further information regarding security characteristics, see the Schedules of Investments.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the

Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under a Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the six months ended February 28, 2023, contractual and effective net unitary management fee rates with GSAM for each Fund were at the following rates:


Fund	Unitary Management Fee
Future Consumer Equity ETF		0.75	%
Future Health Care Equity ETF		0.75	%
Future Planet Equity ETF		0.75	%
Future Real Estate and Infrastructure Equity ETF		0.75	%
Future Tech Leaders Equity ETF		0.75	%

5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

(each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.

Share activity is as follows:


	Goldman Sachs Future Consumer Equity ETF

	For the Six Months Ended to February 28, 2023 (Unaudited)						For the Period November 9, 2021* to August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		475,000		$	11,234,739			3,800,001		$	120,483,990
Shares Redeemed		—			—			(300,001	)		(8,899,985	)

NET INCREASE IN SHARES		475,000		$	11,234,739			3,500,000		$	111,584,005

	Goldman Sachs Future Health Care Equity ETF

	For the Six Months Ended to February 28, 2023 (Unaudited)						For the Period November 9, 2021* to August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		250,000		$	7,942,928			3,725,001		$	129,641,934
Shares Redeemed		(325,000	)		(10,245,168	)		(325,001	)		(10,600,323	)

NET INCREASE IN SHARES		(75,000	)	$	(2,302,240	)		3,400,000		$	119,041,611

	Goldman Sachs Future Planet Equity ETF

	For the Six Months Ended to February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		200,000		$	6,013,542			5,375,000		$	191,424,437
Shares Redeemed		(750,000	)		(22,638,478	)		(1,050,000	)		(32,343,100	)

NET INCREASE IN SHARES		(550,000	)	$	(16,624,936	)		4,325,000		$	159,081,337

Commencement of operations

GOLDMAN SACHS FUTURE ETFS

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)


	Goldman Sachs Future Real Estate and Infrastructure Equity ETF

	For the Six Months Ended to February 28, 2023 (Unaudited)						For the Period November 9, 2021* to August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		50,000		$	1,628,238			700,001		$	27,101,017
Shares Redeemed		(25,000	)		(826,941	)		(1	)		(40	)

NET INCREASE IN SHARES		25,000		$	801,297			700,000		$	27,100,977

	Goldman Sachs Future Tech Leaders Equity ETF

	For the Six Months Ended to February 28, 2023 (Unaudited)						For the Period September 14, 2021* to August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		675,000		$	14,090,210			11,700,000		$	422,462,591
Shares Redeemed		(325,000	)		(7,562,890	)		(1,650,000	)		(42,748,691	)

NET INCREASE IN SHARES		350,000		$	6,527,320			10,050,000		$	379,713,900

Commencement of operations

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2023, were as follows:


Fund	Purchases		Sales
Goldman Sachs Future Consumer Equity ETF	$	8,296,332	$	5,793,440
Goldman Sachs Future Health Care Equity ETF		15,152,632		14,016,349
Goldman Sachs Future Planet Equity ETF		11,269,674		10,567,937
Goldman Sachs Future Real Estate and Infrastructure Equity ETF		3,539,399		3,716,890
Goldman Sachs Future Tech Leaders Equity ETF		50,063,972		48,566,299

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2023, were as follows:


Fund	Purchases		Sales
Goldman Sachs Future Consumer Equity ETF	$	9,380,931	$	—
Goldman Sachs Future Health Care Equity ETF		7,864,244		10,076,416
Goldman Sachs Future Planet Equity ETF		5,593,703		21,322,457
Goldman Sachs Future Real Estate and Infrastructure Equity ETF		1,603,791		808,867
Goldman Sachs Future Tech Leaders Equity ETF		11,107,762		6,294,791

7. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

GOLDMAN SACHS FUTURE ETFS

7. SECURITIES LENDING (continued)

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2023, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 28, 2023:


Fund	Beginning value as of August 31, 2022		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2023
Goldman Sachs Future Consumer Equity ETF	$	—	$	1,350,850	$	(775,814	)	$	575,036
Goldman Sachs Future Health Care Equity ETF		—		316,373		(316,373	)		—
Goldman Sachs Future Planet Equity ETF		1,990,428		7,802,519		(8,342,538	)		1,450,409
Goldman Sachs Future Real Estate and Infrastructure Equity ETF		—		1,089,645		(1,089,645	)		—
Goldman Sachs Future Tech Leaders Equity ETF		706,501		4,848,214		(5,554,715	)		—

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2022, the Funds’ capital loss carryforwards were as follows:


	Goldman Sachs Future Consumer Equity ETF			Goldman Sachs Future Health Care Equity ETF			Goldman Sachs Future Planet Equity ETF			Goldman Sachs Future Real Estate and Infrastructure Equity ETF			Goldman Sachs Future Tech Leaders Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	—		$	—		$	—		$	—		$	(567,945	)
Timing differences
(Late Year Ordinary Loss Deferral/Post October Capital Loss Deferral)	$	(3,085,569	)	$	(2,799,158	)	$	(1,262,304	)	$	(247,446	)	$	(25,265,983	)

As of February 28, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Goldman Sachs Future Consumer Equity ETF			Goldman Sachs Future Health Care Equity ETF			Goldman Sachs Future Planet Equity ETF			Goldman Sachs Future Real Estate and Infrastructure Equity ETF			Goldman Sachs Future Tech Leaders Equity ETF
Tax Cost	$	116,259,231		$	111,044,503		$	195,288,256		$	26,173,811		$	316,394,261
Gross unrealized gain		2,868,461			3,754,088			159,943,340			341,913			8,396,989
Gross unrealized loss		(20,373,063	)		(12,031,622	)		(193,837,847	)		(3,229,805	)		(86,839,034	)
Net unrealized gains (losses)	$	(17,504,602	)	$	(8,277,534	)	$	(33,894,507	)	$	(2,887,892	)	$	(78,442,045	)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of partnership investments, and passive foreign investment company investments.

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

8. TAX INFORMATION (continued)

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

9. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections, less stringent accounting, corporate governance, financial reporting and disclosure standards, and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments.

GOLDMAN SACHS FUTURE ETFS

9. OTHER RISKS (continued)

Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index (except the Future Planet Equity ETF) trading individually or in the aggregate at any point in time.

Non-Diversification Risk — The Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

GOLDMAN SACHS FUTURE ETFS

Liquidity Risk Management Program

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 2, 2023, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; (4) the impact of local holidays in non-U.S. jurisdictions; and (5) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

GOLDMAN SACHS FUTURE ETFS

Fund Expenses — Six Months ended 2/28/2023 (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.

The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2022 and held for the six months ended February 28, 2023, which represents a period of 181 days of a 365 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.